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NAGA Group's Subsidiary Pays €150K Settlement to Cyprus Regulator for Violations
On December 29, 2023, the Cyprus Securities and Exchange Commission (CySEC) announced that NAGA MARKETS EUROPE LTD (NAGA) has paid €150,000 to the CySEC for several regulatory breaches committed between January 2021 and April 2022 by the company.
NAGA MARKETS EUROPE LTD is a subsidiary of German fintech giant NAGA Group.
According to the regulator's announcement, potential breaches are founds concerning NAGA's authorization criteria, organizational obligations, information disclosure to clients, the assessment of suitability and appropriateness and reporting to clients, best excution of client orders, and adherence to product intervention regulations, violating the Investment Services and Activities and Regulated Markets Law of 2017.
CySEC said the money from the settlement will be credited as revenue to the Republic's Treasury and do not constitute CySEC's income.
Last month, NAGA Group entered into a strategic merger with CAPEX.com, a leading online trading platform, which is scheduled to close in the second quarter of 2024.
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